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Virtual Economics

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Lesson 3: What Happens When a Bank Makes a Loan?
Learning, Earning and Investing: Grades 4-5 Lessons
The students play roles in a simulation activity designed to show how bank loans made to individuals can have an impact on others in the community. Then, working in small groups, the students analyze other hypothetical loans, using flow charts or other diagrams to describe the probable impact of each.
Grade(s): 3-5
Concepts: Bank, Income, Interest, Loan, Profit

Theme 3: Lesson 13 - Buddy, Can You Spare a Dime?
Financial Fitness for Life: Steps to Financial Fitness - Grades 3-5 - Teacher Guide
In this lesson, students role-play how they would respond to various lending situations and analyze how to make better decisions about lending. By assuming the role of lender, students will analyze the qualities necessary to receive a loan. They will recognize that these are qualities they may wish to develop to improve their opportunities to borrow in the future.
Grade(s): 3-5
Concepts: Credit, Debt, Lending, Borrowing, Costs, Benefits, Interest,

Theme 3: Lesson 9 - More About Methods of Payment
Financial Fitness for Life: Steps to Financial Fitness - Grades 3-5 - Teacher Guide
In this lesson--which is a continuation of Lesson 8--students participate in a role-play activity designed to give them a more in-depth understanding of various methods of payment, such as cash, check, debit card, money order, and credit card.
Grade(s): 3-5
Concepts: Consumer, Cash, Check, Credit card, Debit card, Money order,

Lesson 14: Orange Juice Jubilee
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
The simulation is a two-lesson unit designed to serve as a culminating activity for the review of economic concepts taught in the pervious thirteen lessons.
Grade(s): 3-5
Concepts: Division of labor, Decision making, Productive resources, Human capital, Interdependence, Market economy, Supply, Demand, Price, Collateral, Interest, Entrepreneurship,

Theme 3: Lesson 12 - Credit is Based on Trust
Financial Fitness for Life: Steps to Financial Fitness - Grades 3-5 - Teacher Guide
In this lesson, students solve a puzzle to learn about trustworthiness. They participate in a reader's theater play and analyze the connection between trust and creditworthiness.
Grade(s): 3-5
Concepts: Borrower, Lender, Trust, Credit, Collateral, Credit application,

Lesson 32: Choice Making
Exploring the Marketplace: The Community Publishing Company - Teacher Resource Manual
Once the books have been sold, the class decides what to do with the money left over (if any) after paying back the loan or credit and any other expenses incurred in the business. The teacher emphasizes that the money left over is payment to the class for all its hard work in the company. The students consider what choices are available to them, for such as charity or to buy more or new educatio...
Grade(s): 3-5
Concepts: Choice, Credit, Interest, Investment, Loan, Opportunity cost, Profit,

Theme 3: Lesson 8 - How Would You Like to Pay?
Financial Fitness for Life: Steps to Financial Fitness - Grades 3-5 - Teacher Guide
In this lesson, students are introduced to various methods of payment, such as cash, check, debit card, money order, and credit card. They learn some of the advantages and disadvantages of each method of payment. They also practice writing a check and recording information in a check register.
Grade(s): 3-5
Concepts: Consumer, Cash, Check, Credit card, Debit card, Money order,

Lesson 26: Study Trip
Exploring the Marketplace: The Community Publishing Company - Teacher Resource Manual
This optional lesson gives students the experience of visiting a bank to obtain a loan for their business. The lesson requires advance planning.
Grade(s): 3-5
Concepts: Business, Credit, Interest, Loan,

Lesson 24: Obtaining Resources on Credit
Exploring the Marketplace: The Community Publishing Company - Teacher Resource Manual
You must decide whether the publishing company will obtain the resources (materials) from the school principal on credit, or obtain a loan from a bank to buy the resources. If you decide to obtain the resources from the school principal, proceed with this lesson. Otherwise, move directly to lesson 25.
Grade(s): 3-5
Concepts: Credit, Credit fee, Price,

Lesson 25: Obtaining a Bank Loan
Exploring the Marketplace: The Community Publishing Company - Teacher Resource Manual
This and the following lesson are designed to familiarize students with that process of obtaining a loan from a bank. You may choose either to invite a banker to visit the classroom or take a study trip to a bank to obtain a loan. Either of these lessons can replace Lesson 24.
Grade(s): 3-5
Concepts: Business, Credit, Interest, Loan,

Theme 2: Lesson 4 - The Grasshopper and the Ant
Financial Fitness for Life: Steps to Financial Fitness - Grades 3-5 - Teacher Guide
In this lesson, children use an adaptation of Aesop's fable, "The Grasshopper and the Ant," to learn about the trade-off between satisfying wants today and planning for the future. Children use the fable to examine their own behaviors and decisions about saving. They learn how interest provides an incentive to save. Writing their own fable provides the children with a creative way to express th...
Grade(s): 3-5
Concepts: Opportunity cost, Trade-offs, Saving, Interest,

Theme 2: Lesson 5 - Why? How? Where?
Financial Fitness for Life: Steps to Financial Fitness - Grades 3-5 - Teacher Guide
This lesson provides some practical activities to extend students' understanding about how to make saving choices. Children set a goal, determine a strategy for saving, and decide how they will save to best achieve that goal. They can also learn the basics of using savings accounts.
Grade(s): 3-5
Concepts: Incentives, Opportunity cost, Saving, Saving goal,

Lesson 2: Savings Accounts and U.S. Savings Bonds
Learning, Earning and Investing: Grades 4-5 Lessons
People who want to save money can do so in various ways. One method is to use a savings account; another is to buy U. S. Savings Bonds. In this lesson, the students learn about these two methods of saving.
Grade(s): 3-5
Concepts: Decimal, Face value, Interest, Interest rate, Percent, Savings account, U.S. Savings Bond

Lesson 10: A Taxing Situation
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
Some goods and services are provided by government. There are over 87,000 different governments in the Unites States, ranging from the federal government, to state governments, to many types of local governments (such as county, city, and township governments, as well as school districts). All of these governments are permitted to spend money on goods and services and resources and to raise reve...
Grade(s): 3-5
Concepts: Taxes, Sales tax, Income tax, Property tax, Excise tax,

Lesson 11: Those Golden Jeans
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
Supply and demand are concepts that students can easily understand when the concepts are demonstrated with products familiar to them. The Law of Demand states that consumers are willing and able to buy less of a product at higher prices and more of a product at lower prices. The demand curve is a graphic representation of the quantity of a product consumers are willing and able to buy at differe...
Grade(s): 3-5
Concepts: Supply, Demand, Consumer, Businesses, Price, Equilibrium price, Shortage, Surplus,

Lesson 9: A Cracker Jack Lesson
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
The basic consumer problem is how to achieve maximum satisfaction given limited resources. Consumers see many goods and services they want to buy, but constraints force them to choose. Many factors influence consumer decisions, such as personal preferences, prices, and convenience.
Grade(s): 3-5
Concepts: Price, Consumer, Costs of production, Profit,

Lesson 6: Circles within Circles
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
A market is a setting in which people buy and sell goods and services and resources. A market economy is an economic system in which most goods, services, and resources are exchanged by private households and businesses. Prices are determined by buyers and sellers making exchanges in private markets. Americans live in a market-oriented economy.
Grade(s): 3-5
Concepts: Goods, Services, Resources, Market, Income, Revenue, Consumers, Producers, Profit,

Lesson 4: Olympic-Minded Decisions
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
The basic economic question is how do people use their scarce resources to satisfy their unlimited wants wisely. They must make choices.
Grade(s): 3-5
Concepts: Decision making, Opportunity cost, Alternatives, Criteria,

Lesson 5: Getting More Out of Less
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
Many decisions must be made to produce a good or service. For example, producers must make decisions about what to produce, what kind of building and tools are needed, what workers are needed, what materials are needed, what the costs of acquiring these resources will be, and what price to charge for the finished product.
Grade(s): 3-5
Concepts: Productivity, Specialization, Division of labor,

Lesson 7: Let's Trade
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
Barter is the direct exchange of goods and services between people, without using money. People voluntarily exchange goods and services because they expect to be better off after the exchange. When people use barter to facilitate exchange, a "double coincidence of wants" must occur, that is, a person who wants to trade a good or service must find a trading partner who wants that good or service ...
Grade(s): 3-5
Concepts: Barter, Specialization, Interdependence,

ONLINE LESSONS:

online One Hen: How One Small Loan Made a Big Difference
The picture book One Hen: How One Small Loan Made a Big Difference, written by Kate Smith Milway, takes place in Africa. Here in a Ghanan village, young Kojo cannot afford to go to school after the death of his father. His resourceful mother takes out a small loan and with a few leftover coins he buys a chicken. Soon he is selling eggs and with the profit slowly acquires a large flock. Kojo is a...
Grade(s): 3-5
Concepts: Entrepreneurship,Income,Money,Profit,Borrow,Save

online Giving Credit
This lesson introduces the role and importance of the 3 C’s -- capacity, character, and collateral – to being granted credit. An online story about a girl who fails to return soccer shin guards borrowed from a friend is used to spark discussion on responsible borrowing. In a second activity, students are introduced to the 3 C’s used by lenders to determine creditworthiness. Given...
Grade(s): 3-5
Concepts: Credit,Decision Making,Risk

online You Can BANK on This! (Part 4)
This lesson deals with credit and wraps up this unit on finance.
Grade(s): 3-5
Concepts: Credit,Interest,Profit

online Big Banks, Piggy Banks
When choosing a place to put their money, people consider how safe their money will be, how easy it is to access, and whether it will earn more money. Students explore how well different savings places achieve these objectives. Students learn that people who don’t want to carry money with them or keep it at home often choose to put their money in a savings account at a bank or credit union. ...
Grade(s): K-2, 3-5
Concepts: Banking,Choice,Decision Making,Money Management,Interest,Savings

online Economic Spotter: Resources During World War II
In World War II pennies were made of steel and zinc instead of copper and women were working at jobs that men had always been hired to do. Why? Because during war times, scarcity forces many things to change!
Grade(s): 3-5
Concepts: Capital Resources,Choice,Human Resources,Natural Resources,Opportunity Cost,Productive Resources,Scarcity,Technological Changes,Human Capital,Investment

online Making Cents out of Centimes
Students will learn that most countries create their own currency for use as money. In most of Europe that money is now the Euro. Students will discover the use of Euros in this simulation and learn a little about exchanging dollars for Euros.
Grade(s): 3-5
Concepts: Exchange Rate

online Jelly Belly Jam
In this lesson students will make a decision making chart and use it to help them in deciding which flavor of Jelly beans to buy.
Grade(s): 3-5
Concepts: Decision Making,Opportunity Cost

online Lemon Squeeze - The Lemonade Stand
Everyone has at one time or another opened a lemonade or Kool-Aid Stand. What a great place to begin an economics lesson. Students can taste test three brands of lemonade and compare prices with taste – is the most expensive the best? Using a reader’s theater students will construct a supply and demand schedule and can create a bar or line graph to demonstrate market interactio...
Grade(s): 3-5, 6-8
Concepts: Demand,Equilibrium Price,Markets,Price

online Peanuts, Pecans, and Peas, Please
George Washington Carver, a great scientist, changed the economy of the South with his agricultural knowledge. This lesson will investigate how the lowly peanut kept the cotton farmers from losing everything.
Grade(s): 3-5
Concepts: Inventors,Technological Changes,Innovation

online Economic Spotter: Inventors and Entrepreneurs in the Industrial Age
The Industrial Age has also been called the Age of Edison. Edison patented more than 1000 inventions and gave rise to three industries: electric utilities, phonograph and record companies, and the film industry. This lesson will help students see the relationship between inventors, innovators, entrepreneurs, and industries.
Grade(s): 3-5
Concepts: Entrepreneurship,Innovation

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